Friendlyrsquos quick loans inc offers you ldquo470 for 570, Ask an Expert

Finance

Friendly’s Quick Loans, Inc., offers you “$4.70 for $5.70 or I knock on your door.” This means you get $4.70 today and repay $5.70 when you get your paycheck in one week (or else). If you were brave enough to ask, what APR would Friendly’s say you were paying? What’s the effective annual return Friendly’s earns on this lending business?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91789971

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